Sheffield Wednesday’s future has been thrown into fresh doubt after the consortium named as preferred bidders to buy the troubled club pulled out of the deal.
The group, led by professional poker player James Bord, had been funding the Championship side’s losses since being selected by administrators Begbies Traynor on December 24. But they now say the club’s initial valuation of more than £32 million is too high and have “regretfully” decided to withdraw.
The consortium, which includes Felix Romer and Abdullah Faisal Bin Jamil, had already paid a non refundable £2.5 million deposit for exclusivity after former owner Dejphon Chansiri placed the club in administration in October following a decade in charge.
In a statement, the group said their original bid limited their ability to renegotiate, even though lengthy due diligence showed the figure they offered was far above what the club’s finances justified. They said they genuinely believed they could act as responsible long term custodians of “one of the greatest clubs in English football” and were disappointed to walk away.
Despite their withdrawal, the consortium praised the club and its supporters and said Wednesday would always hold a special place in their hearts.
Sheffield Wednesday, four time English champions, have endured a disastrous season. They were docked 12 points for entering administration and a further six points for financial regulation breaches. A 2 1 defeat to city rivals Sheffield United on February 22, their 10th straight loss, left them on minus seven points and confirmed the earliest relegation in Football League history.
Wednesday have won only one of their 33 Championship matches this season, losing 24, and now face deep uncertainty over their ownership and long term stability.
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